$ES_F / $SPY — Reversal Setup The daily EMA9 has rejected price as trapped buyers from Thursdays’s flash crash were offered clean exits (fair value). With the lower high confirmed, we can draw trend lines and anticipate a channel. Sellers are still in control, but if ES can accept or trap the $7724 zone, a break higher is in play. The lower timeframes are in balance (sideways) although the range is relatively big. Balance means we can be more aggressive with reversals, but the rules of the system apply. I am looking to buy a higher low today if I get my setup. Back into support, this dip is initiating a fresh uptrend. If buyers don’t defend the $7724 level, ‘dip’ could evolve into ‘sell-off’, and we have to appreciate that the current rejection is sellers taking the initiative to attempt and break this market lower (continuation). Therefore, continuation fails above high of week (full size swing long SPY and leaders). Levels and full plan in today’s newsletter.